No. 2390 a bond resolution authorizing the issuance of City of South Bend, Indiana, Redevelopment District Tax Increment Revenue Bonds of 2007 (Douglas Road Economic Development Area project)

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' i 1 amount of Bonds maturin in an one 1 ear. The Bonds exceeding the aggregate prmc pa g y O y shall be numbered consecutively from 2007R-1 upwards and shall bear interest payable semiannually commencing August 1, 2008, or such later date as may be set forth in the Issuer's Certificate, defined herein, and each February 1 and August 1 thereafter, at a rate or rates not to exceed six and one half percent (6.500%) (the exact rate or rates of interest to be determined by competitive bidding or by negotiated sale as set forth in Section 9 hereof) or such lower rate or rates for such maturities as may be determined by the President of the Commission and the Controller and set forth in a certificate of the Redevelopment District executed by the President of the Commission and the Controller prior to the sale of the Bonds, establishing certain provisions and details with respect to the Bonds (hereinafter referred to as the "Issuer's Certificate"). Interest shall be calculated on the basis of twelve (12) thirty (30)-day months for a three hundred sixty (360)-day year. The Bonds are subject to optional redemption and may be subject to mandatory sinking fund redemption, as set forth in Section 2 hereof. The Bonds shall mature semi-annually on each February 1 and August 1 beginning on August 1, 2008, or such later date as may be set forth in the Issuer's Certificate, and thereafter on each February 1 and August 1 through and including August 1, 2028, or such earlier final maturity date and in such annual principal amounts set forth in the Issuer's Certificate. A Registrar and Paying Agent (the "Registrar" or the "Paying Agent" or in both such capacities as the "Registrar and Paying Agent") shall be appointed by the Controller. The Controller is hereby authorized to solicit and receive proposals with regard to the services of a registrar and paying agent. The Registrar and Paying Agent is hereby charged with and shall by appropriate agreement undertake the performance of all of the duties and responsibilities customarily associated with each such position, including without limitation authenticating the Bonds. The Registrar shall keep and maintain at its principal office books for the registration and for the transfer of the Bonds (the "Bond Register"). The President of the Commission and the Controller are hereby authorized and directed, on behalf of the Commission, to enter into such agreements or understandings with the Registrar and Paying Agent as will enable the Registrar and Paying Agent to perform the services required of a registrar and a paying agent, and is authorized and directed to pay the Registrar and Paying Agent for its services out of available funds. The principal of and premium, if any, on the Bonds shall be payable at the principal office of the Paying Agent for the Bonds. Interest on the Bonds shall be paid by check or draft mailed or delivered to the registered owners thereof at the address as it appears on the Bond Register as of the 15`" day of the month immediately preceding the interest payment date or at such other address as is provided to the Paying Agent in writing by such registered owners. All payments on the Bonds shall be made in any coin or currency of the United States of America which on the dates of such payments shall be legal tender for the payment of public and private debts. The Bonds shall bear an original date which shall be the date upon which the Bonds are to be delivered (the "Original Date") and each Bond shall also bear the date of its authentication. Bonds authenticated on or before July 15, 2008, shall be paid interest from the BDDBOI 4912282v3 - 5 -